The eighth (and last) in the series on the ideas we received
“C’mon, this is obvious. Social networking site for subscribers to The Economist”, writes Vinay Gupta, in response to our invitation for idea submissions. Yet even though social networks are all the rage online, we did not receive many submissions suggesting we take this route. One has to wonder why.
Perhaps it is because The Economist Group’s various businesses are primarily regarded as old-style “mainstream media”. Nonetheless it is clear that a sense of community, of shared interest and passion for this “newspaper” does already exist amongst Economist readers. How often is it that a faint smile of recognition or camaraderie sneaks across your face when you, as an Economist reader, see a fellow commuter reading The Economist on the morning train on the way to work? Surely this sense of shared values could be readily built upon within the online environment.
What, then, would an Economist social network look like? It makes sense to start by defining social networking and giving a few examples of existing sites. Offline the term refers to “a social structure made of nodes (which are generally individuals or organizations) that are tied by one or more specific types of relations, such as financial exchange, friendship, hate…”, to quote Wikipedia. Online, it is pretty much the same thing, with the interaction is mostly driven by commenting on and sharing photos, music, videos and blogs.
The “purest” examples of the social networking site are the likes of MySpace and . They attract huge numbers of users: MySpace is the third, Facebook the sixth-most popular site in the US, with 106m and 18m members respectively (for more information see this recent study by Jupiter Research). These sites are open to anyone to join. They allow users to set up a personal profile and then allow the user to tap into an existing network within the service, further expanding personal connections by interacting with others profiled on the site.
Then there are business-oriented social networks, most notably . Billed as “a place to find and leverage professional opportunities”, it is essentially a contact network and mainly used to find or to list jobs. Users in search of a new position, for instance, usually update their resumee and check whether any of their existing contacts could introduce them to a company’s hiring manager. In contrast to MySpace and Facebook, however, there are rules of engagement. Contacting another user requires either a pre-existing relationship or the intervention of a third user who is already linked to the previous two. Such an arrangement is intended to build trust among the service’s users.

Still, even in the case of LinkedIn with its 9m members, the question arises as to how effective and sustainable a community of this size can be (many users, for instance, are just lurkers - see chart above). It is for this reason that I, like some others, believe the future of social networking sites will belong to niche networks. The “space” (web speak for “market”) seems to be moving in this direction: sites that let users build their own network (such as Ning), have a local focus (Tribe, which was recently acquired by Cisco) and are established around more specific areas of interest (snowvision.com) are gaining momentum.
Yet the best example for an exclusive social network is aSmallWorld, an invitation-only community for the global jetset. It was founded by Erik Wachtmeister, a former investment banker and the son of a Swedish ambassador to the US, who saw the need for connecting a very affluent community of international jet setters. It is purported to include and Ivana Trump in its membership.
To the nearly 130,000 members of aSW, as they call it, the site is mostly a social channel. They use it to hook up with fellow members when visiting a new city, ask what social events or venues to look out for, as well as making their luxury holiday homes available to peers. Think of this network as an online version of the high-end crowd you would expect to gather in places such as Saint Tropez or Monaco.
Predictably, aSW’s rules of engagement strongly illustrate one of the key challenges of social networks: ensuring a suitable interaction between members. To keep the mob out, invitations can only be issued by certain key members of the community (in fact, if the person you invited misbehaves, this will refelect badly on you: “We expect members to be accountable for people they invite into aSmallWorld”, it says in the site’s FAQ’s).
There are plenty of rules the violation of which can make you end up in “aBigWorld”, an online penetentary of sorts: inappropriate language in one of the discussion forums, virtual pestering and if too many of your invitations to fellow members to join your network of friends get rejected or ignored (even in this exclusive online world, trying to get too close to Paris Hilton will get you in trouble). Anyone annoyed by another member can click on one of the omnipresent “abuse” buttons.
“What actions can a webmaster implement to sort out a troublemaker?
The webmasters’ powers are impressive and ubiquitous. But so too are their compassion and understanding. Webmasters can send a warning to a member, clip privileges to invite new members or connect with other members, clip the ability to participate in the forum, send to exile in aBigWorld, or terminate a member’s account.”
(from the aSmallWorld FAQs)
An Economist social network could certainly do without such Orwellian rules. Still, the model I envisage would be closer to aSW than MySpace, FaceBook or even LinkedIn. The Economist, because of its issue-focused and critical content is already a platform of common interest for its readers. As “Free Exchange” (a blog on Economist.com) and “Inbox” (where all letters to the editor are published, except for the abusive ones, that is) demonstrate, there is much potential for lively interaction between Economist readers.
Yet interesting debates are only one type of “content” that a community of readers could “generate” (to stick with the trade’s terminology). Like aSW, an Economist social network could allow readers to hook up, be it online or offline (during the next trip to San Francisco, for instance), as well as helping each other find the best hotels and restaurants (think of user-generated Economist Cities Guides). Members could even help Economist journalists do research (like Assignment Zero, an experiment in pro-am journalism), or use the network as platform to mobilize for action on offline projects and issues (after all, the Economist was founded 1843 in opposition to the protectionist Corn Laws).
So a social network for Economist subscribers is indeed quite obvious. Perhaps even so obvious that it would not be very innovative for Project Red Stripe to create one – since The Economist is likely to soon start integrating all kinds of community features in its website anyway.
(In addition to those mentioned in this post, we would like to thank all those who have contributed suggestions related to social networks.)